First Time Buyer Guide – Prior to Exchange of Contracts

At the end of Part 3, our potential first time buyer was ready to Exchange Contracts. The final part of our four part guide will look at what you need to arrange prior to Exchange of Contracts & Completion.

To be ready to Exchange Contracts, the following stages should have take place;

1. You should have received & checked your mortgage offer
2. You should have received & checked your report
3. Your Solicitor should have received full replies to enquiries
4. You should have considered a completion date
5. You should have enquired for buildings insurance
6. You should have forwarded 10% deposit to your Solicitor

Your Conveyancing Solicitor will undertake a final file review & then ask your permission to exchange. Solicitors agree an exchange formula over the telephone, completing the Contract, & then forwarding each other’s copy along with the deposit.

Once you have exchanged, you must insure the property if you are purchasing. Exchange of Contracts gives the security of the move date, so you would now be free to book removals & make plans for the day of completion.

Jackson Barrett & Gass

Our firm of Solicitors in Wilmslow has been in operation since 1914, a testament to our longevity and ability to adapt to cultural and economic changes. Despite our age, we are run as a modern business with the aim of providing exceptional service Our Conveyancing Lawyers and Probate Solicitors are specialists in their field. We believe that a personal and honest approach is essential and our faith in this company ethos has been rewarded with various Law Society awards. As our testimonials confirm, you're in good hands.

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Jackson Barrett & Gass is a trading name of Jackson Barrett & Gass Limited. Jackson Barrett & Gass Limited is a company registered in England under company number 7417266. A list of directors is available for inspection at the registered office. Regulated & authorised by the Solicitors Regulation Authority (SRA).

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